Gadzooks, Inc. (Nasdaq: GADZ) today announced that sales for the five weeks of fiscal September ended October 5, 2002 decreased 0.8 percent to $24.0 million from $24.2 million for fiscal September 2001. Comparable store sales decreased 6.8 percent for the September period, compared to a 3.5 percent decrease for fiscal September of 2001.
For the first 35 weeks of fiscal 2002, total sales increased 5.9 percent to $209.5 million from $197.9 million for the comparable period of fiscal 2001. Comparable store sales have declined 3.8 percent for the first 35 weeks of fiscal 2002, versus a 5.2 percent decrease for the first 35 weeks of fiscal 2001.
As a result of the lower-than-anticipated September sales and a continuing negative sales trend, the Company now expects to report a net loss of $0.11 to $0.13 per diluted share for the third quarter ending November 2, 2002. This earnings estimate is based on anticipated mid-single-digit comparable store sales declines for fiscal October and the quarter.
For further details, please call 972-662-4201 to listen to Gadzooks' monthly sales commentary.
Dallas-based Gadzooks, Inc. is a mall-based specialty retailer of casual apparel and related accessories for young men and women principally between the ages of 14 and 18. The Company currently operates 436 Gadzooks stores and four Orchid stores, for a total of 440 stores in 41 states.
Certain statements contained in this press release (other than historical information) may be deemed forward-looking statements that involve risks and uncertainties. Reference is made to the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended February 2, 2002 for factors that, among others, could cause the actual results of the company to differ materially from those contained in the forward-looking statements.
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